Summit, NJ based Celgene Corporation (CELG – Free Report) is a biopharmaceutical company focused on the discovery, development and commercialization of drugs targeting cancer and inflammatory diseases. Celgene's key growth driver is Revlimid. The company's portfolio also includes Pomalyst/Imnovid, Abraxane, Otezla, Istodax, Vidaza and Thalomid/Thalidomide.

However, Celgene suffered a series of setbacks over the last few months. The company suffered a setback when a late stage study on its lead cancer drug Revlimid in combination with Rituxan failed. The threat of generic competition is also looming large on Revlimid forcing Celgene to look for acquisitions. The company recently acquired Juno Therapeutics for $9 billion.

Celgene has an excellent track record with the company beating earnings estimates in the last four trailing quarters. Last quarter, the company topped estimates by 2.6%. Overall, the company has delivered an average positive surprise of 2%.

Celgene Corporation Price, Consensus and EPS Surprise

 Currently, Celgene has a Zacks Rank #2 (Buy), but that could definitely change following the company's earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Celgene beat on first-quarter 2018 earnings. The company reported adjusted EPS of $2.05 while our consensus called for EPS of $2.00.

Revenues: Revenue too beat expectations. Celgene posted revenues of $3.54 billion, beating our consensus estimate of $3.50 billion.

Key Stats: Revlimid continued with its strong performance. Sales of Otezla and Pomalyst also increased.

2018 Outlook: Celgene anticipates earnings per share of $8.45, down from the earlier projected range of $8.70-$8.90 due to the impact of the Juno acquisition. The Zacks Consensus Estimate for earnings is $8.44 per share.Net revenues are now projected at $14.8 billion, in-line with the Zacks Consensus Estimate.